Our wealth is becoming increasingly portable and the need for jewellery insurance that provides the widest cover within a set budget is a must.
Items which can be insured under a Jewellery Insurance policy would include Engagement Rings, Diamond Rings, Watches, Necklaces, Bracelets, Brooches, Earrings and Rings.
This would include antique jewellery, family heirlooms and modern / recently purchased jewellery.
Cover for jewellery insurance can be arranged in a number of ways, however primarily there are two options for jewellery insurance to consider:
- Arrange a separate jewellery insurance policy
- Extend your home contents insurance to include your jewellery insurance needs
Separate individual jewellery insurance can be comparatively expensive and comes with a number of limitations and restrictions not seen within contents insurance. A brief summary of the key differences can be seen on the attached comparison chart.
|Points to consider||A leading Individual Jewellery Insurance policy||Sterling Executive Home Insurance|
|At what value do items need to be specified?||£500||£5,000|
|What happens if a claim is made?||If you claim for the sum insured, it is a deemed that you have used the policy and would therefore need to purchase a new policy||No extra premium is charged during the current insurance term to reinstate cover|
|Are jewellery and watches covered in baggage?||No unless the bag is in your personal supervision||Worldwide cover – no restrictions|
|Who can hold the baggage?||Only the insured person||N/a – no restrictions|
|What happens if I take the jewellery abroad?||You only have 30 days cover outside of the EU||Worldwide cover – no restrictions|
|How will claims be dealt with?||Insurers will replace at their choosing||Insurers will allow you to use your existing jewellery or watch supplier or offer a cash settlement|
|What happens if I lose a part or set e.g. earrings?||Insurers will not replace the set in full e.g. earrings if one is lost they will only pay 50% of value||Insurers will settle at the full set value|
|What happens if I am underinsured?||Average will apply||There is no average clause on the policy|
|At what value will I have to provide valuations?||£500||£10,000|
Our Recommendation for Jewellery Insurance: – Arrange cover under a Home Contents Insurance!
Our recommendation therefore is to extend a home contents insurance to include your jewellery insurance requirements. This provides the widest possible cover and would include the following key benefits*:
The benefits of our Jewellery insurance are:
- Your Jewellery is covered worldwide against all risks including accidental damage and theft
- No need to specify jewellery below £5,000 in value as it is automatically covered within the declared sum insured
- Defective title protection following the purchase of your jewellery – £25,000
- Exceptional premiums
- Tailored to suit your particular requirements
*Sterling Executive Home Insurance Cover
For further advice on extending a home contents insurance to include your jewellery insurance needs or to obtain a quotation please
call Tel: 01489 579808 and speak with Lita Buckley or Christina Foulds or contact us via our webform
For advice on how to get your jewellery valued for insurance purposes, read our post How to Get a Valuation of Jewellery